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By Beth Bacheldor

Global RFID Blood-Monitoring Systems Market to Top $500 Billion by 2022

The global RFID blood-monitoring systems market is expected to reach $511.5 million by 2022, according to a new report by Grand View Research Inc. Key growth factors attributing to its rapid growth, the research firm says, include increasing prevalence of chronic diseases, such as those of the heart, kidneys, lungs and liver, as well as other contagious and non-contagious diseases.

RFID is increasingly being used to identify, classify and track blood samples, and to automate data collection. The RFID tags are attached to blood samples to ensure easy and more accurate monitoring of the samples in hospitals, blood banks and diagnostic centers, Grand View Research explains. RFID tagging is an affordable and systematic inventory-management solution for such large-scale testing and storage of blood. Furthermore, increasing health-care expenditure, in addition to a rising demand for preliminary health-care checkups for early detection and diagnosis, are also expected to positively reinforce the market growth in the next seven years, the firm reports.

Global RFID's blood-monitoring systems market revenue ($US millions) by product, 2012-2022
Key findings from the report suggest that in 2014, North America held more than 50 percent of the market, largely due to the presence of advanced health-care infrastructure and a high level of collaboration between the industry and stakeholders. The Asia-Pacific region is expected to be the fastest-growing area, with a compound annual growth rate of 23.2 percent predicted during the next seven years. Key factors attributing to its rapid growth include economic development in countries such as China, Brazil, India and South Korea. Increasing disease prevalence rates leading to a subsequent rise in blood diagnostics and blood inventory management are expected to boost usage rates of RFID blood-monitoring systems and tags over the forecast period. Key players in the RFID systems and tags market, according to Grand View, include WaveMark, LogTag, Tagsys RFID Group, Terso Solutions, Solstice Medical, Stanley Healthcare, LogiTag and Mobile Aspects.

The full research report is available for purchase here.

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